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Motilal Oswal Report
Prestige Estates Projects Ltd. reported bookings of Rs 30 billion, which was down 23% YoY and 36% QoQ (13% below estimate) on account of muted launches and lower inventory.
Prestige Estates launched 1.9 million square feet versus 3.1 msf in Q1 FY24 and 0.8 msf in Q4 FY24. Further, the company began the quarter with an inventory of Rs 13 billion (versus Rs 16 billion at beginning of Q4 FY24), indicating just seven months of overhang.
Sales volume also dipped 25% YoY/30% QoQ to 2.9msf, while realizations were up 4% YoY to Rs 10,600/sf. In terms of value, contribution from Bengaluru was down to 43% versus 53% in FY24, as the contributions from Hyderabad and Mumbai scaled up to 32% and 23%, respectively.
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